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Holliday Fenoglio Fowler LP (HFF) arranged nearly $60 million in financing for retail and office properties in Maryland, Massachusetts, Connecticut and California.
Mark Remington, managing director at HFF's Washington, D.C, office, arranged a $23 million redevelopment loan for Olney Town Center, a 98,848-square-foot retail property in Olney, Maryland.
Remington worked on behalf of the borrower, an affiliate of Carl M. Freeman Companies, Olney, Maryland, to secure the three-year adjustable-rate loan with RBS Citizens Bank, Providence, Rhode Island.
Built in 1987, Olney Town Center will undergo a combination of new construction and renovations, and upon its completion in second-quarter 2011 will increase from 98,848 square feet to 110,941 square feet with Harris Teeter as the new anchor tenant. The property is nearly 10 miles north of the Washington Beltway. Other tenants will include PNC Bank, Chevy Chase Bank and SUBWAY®.
Fred Wittmann, managing director, and Robyn King, senior real estate analyst at HFF's Boston office, placed a seven-year, fixed-rate $11.6 million refinance for CityPlace, Boston.
Ocean Bank, Miami, provided the funds. The borrower, Boylston Properties Co. Inc., Boston, will use the loan proceeds to refinance existing debt on the property and fund capital improvements to it.
Ocean Bank and Boylston Properties Co. closed the transaction nearly "five weeks after the issuance of Ocean Bank's preliminary term sheet, allowing the borrower to lock in an attractive, long-term interest rate," Wittmann said.
CityPlace is a 54,878-square-foot, 95 percent leased retail component of the Massachusetts State Transportation Building in the Theatre...